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Lets bring in our guests today, arguing that stocks might not be so close to new highs for very long mike wilson, Morgan Stanley, back with us good to see you. Glad to be back. 10 correction is the most likely outcome why is that . Its a continuation from the call we made in september where we got a 10 correction. We walrallied back all this comes back to our framework. We look at the valuation its pretty full volatility has picked up because of the events they know are out there, whether its the virus, the second wave, or the election the premium we believe is a bit understated from where it should be thats all were saying. Its full here these risks are not going away for the next 30 days theyll be with us so, look, the range we put out in august, 3,100 to 3,550 holds. Were still bullish on the vshaped recovery, the call we made a while ago we think its a new bull market. But its risk reward and the risk reward for the upper end ....
Lauren. Lauren very choppy. The dow was set up to be up five days in a row, 357 at the high. Closing in the red, s p is lower. It is on track for the best month since 1987. Nasdaq is the big loser. Technology down. Health care weighed overall. A lot of dow components reported today, four to be specific this morning. Only one of those,fieder actually reaffirmed, rare to do this, reaffirmed fullyear guidance but take a look at its shares down over 1 . Pfizer spending money on a coronavirus vaccine. It says one could be ready for testing next week for use by the fall. Also technology, investors are waiting Quarterly Results from the Big Tech Companies starting with alphabet. Any moment now they want to know how immune is big tech to coronavirus and how has ad budgets been slashed . Take a look here. Were seeing so many of the stocks been hit hard with the virus come back. ....
Lets head to davos, where john roberts is standing by, a long list of economic achievements spouted off by the president today. Reporter no question, i think he was trying to do 3 things with that economic speech. First, he was the trying to sell america to world leaders, say that americas Economic Prosperity unlike it has been for a long time, now is the time to invest in america. Another thing, president was trying to do because it a campaign year, sell his economic prosperities, and economic policies he ran on in 2016, he says resulted in one of the boast robust economy in america. And the other thing. David, he was trying to draw a contrast between what he is doing here in davos, and what democrats in washington, d. C. Are trying to do, cut him off at the knees, listen to what he said in response to a question about impeachment today, while talking with president of european commission. A hoax. It goes nowhere, because no ....